Colombia

Bonds issued by Avianca traded up this week after the Colombian airline completed the final stage of a complex restructuring, effectively giving it permission to push out a looming bond maturity by three years.

Colombian lender Bancolombia made a late year dash to international markets on Tuesday as it sold Basel III-compliant subordinated notes to fund the buy-back of old style tier two bonds.

Colombian airline Avianca has finally completed negotiations with existing creditors, allowing it to wrap up a much-anticipated $250m loan from United Airlines and Kingsland Holdings as well as $125m in financing from new investors.

Colombia’s largest lender, Bancolombia, became the second Latin America bank in two days to announce new issue plans on Tuesday. Similar deals could follow, say DCM bankers.

Empresa de Telecomunicaciones de Bogotá (ETB), the Colombian telecoms company majority owned by the City of Bogotá, is looking to buy back up to Ps400tr ($120m) of its global local currency bonds.

Chilean power company Empresa Eléctrica Cochrane will meet bond investors this week as it looks to make a second attempt at becoming an international bond issuer.

Colombian airline Avianca has pushed out the deadline on its bond exchange by two weeks as continues negotiations with its broader creditor base on a restructuring of its debt.

Colombian natural gas distribution company Promigas and Rutas 2 and 7, a securitization to finance a road in Paraguay, brought life to an otherwise subdued week in Latin American primary markets on Tuesday.

Colombian natural gas distribution company Promigas had a smooth time on its first international bond market outing. Bankers said new issue markets in Latin America would continue to tick over, despite political volatility across the region.

Promigas, the Colombian natural gas distribution company, is hitting the road with a debut senior unsecured dollar bond offering.

Avianca took a step closer to drastically improving its liquidity profile after 86.4% of its bondholders agreed to participate in a bond exchange that could unlock up to $250m of new funding from United Airlines and the Colombian firm’s second largest shareholder, Kingsland Holdings.

Adrian Neuhauser, the new chief financial officer of Avianca, said on Thursday that he thought a “very high percentage” of bondholders would participate in a bond exchange that could unlock up to $250m of financing from United Airlines and shareholder Kingsland Holdings.